Required information Exercise 7.5 (Algo) Trade and cash discounts; the gross method and the net method compared [LO7-3] [The following information applies to the questions displayed below] Tracy Company, a manufacturer of air conditioners, sold 150 units to Thomas Company on November 17, 2024. The units have a list price of $560 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, 7/30. Exercise 7-5 (Algo) Part 3 3.a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, assuming that the net method of accounting for cash discounts is used. 3-b. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2024, assuming that the net method of accounting for cash discounts is used. Complete this question by entering your answers in the tabs below. Prepare the journal entries to record the sale on November 17 (lgnore cost of goods) and collection on November. 26, 2024, assuming that the net method of accounting for cash discounts is used. that the net method of accounting for cash discounts is used. Noten if no entry is reguired far a transactionvevent, select "No joumal entry required" in the first account fieid